That is sense 1, yes, the literal meaning. When applied to a person however, it is exclusively interpreted in the 4th sense. Look harder. Saying it's not a slur because it means peanut is like saying spade isn't a slur because it means shovel.
"Sense 4 is from the pejorative term pindachinees from the 1930s, which was later applied even more pejoratively to people from East Asia in general, including Indonesians who came en masse to the Netherlands in the late 1940s.
[...]
4. (derogatory, ethnic slur) people from East Asia, most commonly Chinese and Indonesians"